Acosta Inc., Jacksonville, Fla., has posted a $100,000 surety bond with the U.S. Department of Agriculture.
The bond is required for the company, which had declared bankruptcy, under Perishable Agricultural Commodities Act regulations, according to a USDA news release. The bond is a prerequisite to obtain a new PACA license to operate in the produce industry.
The USDA will hold the bond for three years and nine months, “providing assurance to the industry that the company will be able to pay for produce purchased and to conduct business according to the PACA rules,” according to the release.
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